Buffett to give bulk of wealth to Gates Foundation

The New York Times

June 26th, 2006

The New York Times reports that Berkshire Hathaway Inc. chairman and noted investor Warren Buffett is donating the bulk of his wealth to the Bill and Melinda Gates Foundation, as well as four other charities, starting in July. Buffet plans to give away 85 percent of his fortune, amounting to about 37.4 billion dollars–all in Berkshire stock. The Gates Foundation will receive the bulk of the donation, around 31 billion dollars. Buffet will join Bill and Melinda Gates as a trustee of the foundation. The move will probably solidify the Foundations’ standing as the largest organization of its kind. Previously, Buffet had previously insisted that he would give his wealth to charity upon his death. However, his admiration for the Gates’ philanthropy inspired him to start divesting his wealth to charity early… (Note: This site requires free registration.)